China’s top car exporter Chery gains in Hong Kong debut

Chery Automobile Co., China’s biggest car exporter, rose in its Hong Kong trading debut after raising HK$9.1 billion ($1.2 billion) in an initial public offering to help power its overseas expansion ambition. The shares finished the session up 3.8%, resulting in a market capitalization of about $24 billion. That makes it bigger than XPeng Inc. but smaller than Great Wall Motor Co. in terms of valuation.Chery is the latest Chinese company to capitalize on Hong Kong’s popularity as a listing destination, wher ...